TOMO correction?

2023年6月13日

TOMO is among the cryptos that has performed very well this year, with 600% up. The trendline (in 1D TF) since March 2023 still holds.

However, TOMO has shown some signs of weakness when its price has been rejected by the local high around $1.7

I see that a distribution (following Wyckoff method) is possible on going.

As a reason, a proposed set-up is as in chart.

This crypto is highly volatile and the whole market is as well. Take care and don't forget risk management.

2023年6月13日

註釋

Here is a bigger view on 1D TF

2023年6月15日

註釋

I closed this trade. TOMO didn't get weak as expected.
BTC is a important support and bouncing.

2023年6月17日

交易進行

Trade reactivated at the same entry.
BTC retested the EMA50D (26800) and still consolidates below this strong support.

2023年6月18日

註釋

TOMO has been down 14% since entry. The trendline (1D) was broken. Here below are references (based on Fibonacci) for taking profit.

2023年6月20日

註釋

+24% from entry
TP1 done.

2023年6月20日

手動結束交易

BTC broke out its falling wedge (channel)